Ukraine and the United States are working to make a joint minerals fund operational by the end of 2024, with its first board meeting expected in July, Ukraine’s First Deputy Prime Minister Yulia Svyrydenko announced in Washington on Wednesday.
The agreement, which focuses on developing Ukraine’s mineral resources, was finalized in April after weeks of intense negotiations—resulting in terms more favorable to Kyiv. Originally promoted by former U.S. President Donald Trump, the deal was later ratified by Ukraine’s parliament.
Svyrydenko met with U.S. Treasury officials and the Development Finance Corporation (DFC)—a key partner in the initiative—to outline concrete steps for launching the fund this year.
“We plan to hold the fund’s first board meeting in July, where we’ll discuss seed capital and finalize an investment strategy for the coming years,” she told reporters.
The deal marks a diplomatic breakthrough after tensions between Trump and Ukrainian President Volodymyr Zelenskiy over strategies to end the war with Russia. Their relationship improved following a brief meeting at the Vatican in April, helping to reset bilateral cooperation.